Too quick to pull the trigger?

[Anonymous]

I'm interested in starting the process for a 30yr Conventional Mortgage Loan as a First time Homebuyer with NFCU. Going to be putting 20% down.

However, I did have one question before I start the process. I have recently paid off ALL of my credit card and PLOC accounts, and still have about three or four accounts that havent reported to the 3 bureaus yet (credit cards and an auto loan that had 11k remaining).

When the rest of these accounts report to the bureaus, it would effectively bring my debt to income ratio from the at this very moment 28% to about 3% (maybe even less, the wifes Student Loan acct hasn't started reporting yet and we started payments earlier this month.

Scores are currently sitting at 680, 715, and 704

Would it be in my best interest to wait for these accounts to report the updated balances to the credit bureaus before applying for a pre-approval?

Any response is appreciated. Thank you

[StartingOver10]

Yes. You get a better rate with higher scores with a conventional loan. You don't have to worry about mortgage insurance because you are putting down 20% but the interest rate will be less if you can get your score over 720 and even less if you can get it over 740.  

One of the loan officers can give more details.  I *think* top tier for rates is anything above 740 (could be 760).